Third Quarter State Revenues Beat Expectations

St. Paul, MN (KROC-AM News) - The latest Revenue and Economic Update from the Minnesota Office of Management and Budget shows state revenues were slightly lower than expected last month, but the total for the 3rd quarter of the year easily beat expectations.

The report shows overall tax collections from July through September were a little over $4.4 billion. That’s 3.2-percent, or $136 million, above the level predicted by the most recent state revenue forecast issued back in February.

Individual income tax payments topped projections by 2.3-percent, while sales tax receipts were 2.7-percent higher than predicted.